1901 Participation Question (a) The following table shows the outputs and prices of three products A, B and C by a small economy in 2019, 2020 and 2021. Price Quantity Price Quantity Price Quantity $4 50 $5 55 $6 60 $3 40 $5 42 $8 45 C $2 20 $3 25 $4 28 Compute the nominal GDP, the real GDP and the GDP deflator in 2020 and 2021, taking 2019 as the base year. Using the GDP deflator, measure the inflation rate in the economy between 2019 and 2020, and also between 2020 and 2021. (b) Atypical household consumes 3 units of A, 3 units of B and 2 units of C in 2019. Using 2019 as the base year, compute the CPI for 2020 and 2021 and the inflation rate between 2019 and 2020, and__,al__s_o ieween 2020 and 2021. Are the inflation rates computed from (b) the as those computed from (a)? Why? INGAPDRE quvERsIW OF SOCIAL SCIENCES